Relevant:
- Home Vacancies Fall In Cities Hardest-Hit By Foreclosures
- Modified mortgages re-enter shadow inventory -- By next month the housing crisis will have cost 5,000,000 Americans their homes via foreclosures. Distressed inventory still above 5,000,000.
- A Walk Down Memory Lane With President Obama & the Mortgage Crisis
- Foreclosed Homes May Flood Spanish Market as Banks Offload Unwanted Assets
- Economist Forecasts 20 Percent Further Drop in Housing Prices
2009-01-24 — cnn.com
"Banks are moving slowly to list repossessed homes for sale, which could mean that housing inventory is even more bloated than current statistics indicate."
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Comments:
kindandgentlejd at 23:20 2009-01-25 said:
This is a pretty accurate article. I am in the Sacramento area and have seen substantial evidence of the "ghost inventory" they speak. The numbers look alarming, I did not assume it was that big. I think the foreclosures in 2009 could be much larger than they assert however unless... mortgage cramdowns are allowed. That sword cuts both way though. If the cramdowns are allowed, the securities market which bought the pool of loans will sustain huge losses (claims of bank losses are overblown, most banks sold the loans to wall street). On one hand the foreclosures will dramatically drop as more modifications in bankruptcy courts take place but wall street securities will pay the price. In my view, they already did, on paper, they just keep wanting the taxpayers to pay it via TARP funds and other government sponsored methods. I say lets get it over with, allow the cramdowns and get this market back to normal. Permalinkadd a comment | go to forum thread
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